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Consumers’ Willingness to Pay for Eco-Certified Wood Products

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Author Info

  • Kimberly Jensen
  • Paul Jakus
  • Burton English
  • Jamey Menard

Abstract

We use Kriström’s simple spike model to assess the factors influencing consumers’ willingness to pay a premium for a variety of certified wood products. A survey of over 1600 Pennsylvania and Tennessee residents found that approximately 35% were willing to pay some positive “premium” for environmentally certified wood products. For three types of wood products (a $28.80 shelf, a $199 chair, and a $799 table) we find the estimated market premiums to be $3.74, $15.94, and $45.07, respectively.

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File URL: ftp://repec.bus.usu.edu/RePEc/usu/pdf/ERI2004-08.pdf
File Function: First version, 2004
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Bibliographic Info

Paper provided by Utah State University, Department of Economics in its series Working Papers with number 2004-08.

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Length: 22 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:usu:wpaper:2004-08

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Web page: http://apec.usu.edu/
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Related research

Keywords: eco-labeling; eco-certification; spike models; price premium;

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References

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  1. R. K. Blamey & J. W. Bennett & M. D. Morrison, 1999. "Yea-Saying in Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 75(1), pages 126-141.
  2. Kevin J. Boyle & Hugh F. MacDonald & Hsiang-tai Cheng & Daniel W. McCollum, 1998. "Bid Design and Yea Saying in Single-Bounded, Dichotomous-Choice Questions," Land Economics, University of Wisconsin Press, vol. 74(1), pages 49-64.
  3. Roger A. Sedjo & Stephen K. Swallow, 2002. "Voluntary Eco-Labeling and the Price Premium," Land Economics, University of Wisconsin Press, vol. 78(2), pages 272-284.
  4. Laura O. Taylor & Ronald G. Cummings, 1999. "Unbiased Value Estimates for Environmental Goods: A Cheap Talk Design for the Contingent Valuation Method," American Economic Review, American Economic Association, vol. 89(3), pages 649-665, June.
  5. Bengt Kristr�m, 1997. "Spike Models in Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(3), pages 1013-1023.
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Cited by:
  1. Aguilar, Francisco X. & Vlosky, Richard P., 2007. "Consumer willingness to pay price premiums for environmentally certified wood products in the U.S," Forest Policy and Economics, Elsevier, vol. 9(8), pages 1100-1112, May.

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